SANTA CLARA, CA-The 126,000-sf Mariposa Shopping Center here has changed hands for $26 million or $206 per sf. Crow Holdings, the Texas-based investment arm of the Trammell Crow family sold the grocery-anchored center to Bethesda, MD-based First Washington Realty Trust.Mariposa Shopping Center is anchored by Safeway, Longs Drugs and Ross. The center was 92% leased at the time of sale. The sale was brokered by Chris Kostanecki of Marcus & Millichap’s San Francisco office, who describes the property as a core asset in an infill market with a high household income.Kostanecki tells the property was hotly sought after, attracting buyers from across the country. The sale price translates to a cap rate of about 6.5% based on in place rents, and there is some upside through lease up and naturally occurring rent growth, says Kostanecki, who runs a division of Marcus & Millichap called that specializes in the sale of open-air retail properties across the US. Kostanecki is currently seeking buyers for the Land Grants Borders portfolio, a four-store package of stand-alone Borders Books locations in Union City, Sacramento, Pasadena and the Gas Lamp district of San Diego. Kottanecki says the triple-net leases all have between 16 years and 19 years left on them. The properties could sell as a package or individually. Particular interest is being shown in the San Diego property as an eventual redevelopment play. “Some are just looking at just buying that property for the land and going vertical when the lease expires,” he says.

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